Adani Power completes GMR Chhattisgarh Energy's acquisition

Mumbai, Aug 2 (IANS) Private sector thermal power producer Adani Power on Friday said that it has completed the acquisition of GMR Chhattisgarh Energy (GCEL).According to the company, the acquisition of GCEL was concluded at an enterprise valuation of approximately Rs 3,530 crore.GCEL owns and operates a 1,370 MW supercritical power plant at Raikheda village in Chhattisgarh's Raipur district.GCEL presently supplies power to Gujarat under a short term, 1000 MW Case 4 PPA with the Gujarat Urja Vikas Nigam Ltd."The addition of 1,370 MW capacity, along with the recently concluded acquisition of the 600 MW Korba West Power Co. Ltd., solidifies APL's position as India's largest private sector thermal power producer, with aggregate operating capacities of 12,450 MW," the company said in a statement.
--IANS rv/vd